Naira Holds Firm at Official Market at ₦1,367.29/$1 as Black Market Weakens Slightly to ₦1,400

The naira traded at ₦1,367.29 per dollar in the official Nigerian Foreign Exchange Market (NFEM) on Tuesday, July 7, 2026, maintaining relative stability. In the parallel market, the dollar sold for about ₦1,400, reflecting a slight depreciation of the naira due to sustained demand for foreign currency.

Official Market Holds Steady

Latest data from the Nigerian Foreign Exchange Market (NFEM) showed the local currency closed at ₦1,367.29/$1, extending the relative stability witnessed in recent weeks. The performance reflects sustained liquidity management efforts by the Central Bank of Nigeria (CBN) and ongoing reforms to improve transparency in the country's foreign exchange market.

The official window has continued to attract a larger share of foreign exchange transactions as the CBN maintains policies designed to boost liquidity, improve market efficiency and encourage greater participation by investors.

Parallel Market Sees Slight Weakness

Activity in the parallel market painted a different picture, with the dollar trading at approximately ₦1,400/$1, indicating a modest weakening of the naira compared to the previous trading session. Currency traders attributed the movement to persistent demand for foreign exchange from individuals and businesses unable to access sufficient dollars through official channels.

Despite the slight divergence between the two markets, the spread remained relatively contained at about ₦33 per dollar, significantly lower than the wide disparities observed before the recent foreign exchange reforms. The narrowing gap has been viewed by analysts as a sign of improving price discovery and greater confidence in the official market, although demand pressure in the informal market continues to persist.

What Analysts Say About the Naira's Direction

Foreign exchange experts say the naira's short-term direction will largely depend on the availability of dollar liquidity across the banking system, inflows from crude oil exports, foreign portfolio investments and remittances from Nigerians in the diaspora. They also noted that the CBN's interventions, alongside broader macroeconomic policies, will remain critical in sustaining exchange rate stability.

Analysts added that demand from manufacturers, importers and other businesses requiring foreign currency for raw materials, equipment and international transactions will continue to influence market movements. While the official market has shown resilience, they warned that any significant drop in foreign exchange inflows or increase in demand could exert fresh pressure on the local currency in the coming weeks.

At the close of trading, the exchange rates stood at: Official NFEM: ₦1,367.29 per US dollar. Parallel market: About ₦1,400 per US dollar.

For Nigerian businesses and consumers, the contained spread between the official and parallel markets suggests improving FX policy effectiveness, but persistent demand pressure in the informal channel means the naira remains vulnerable to shifts in dollar inflows.